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Dallas office tower at 2100 Ross Ave may go to foreclosure auction

ConnectCRE says a Dallas County court appointed a receiver over the 840,000-square-foot building after owners allegedly defaulted on a $79 million loan.

Reported · Written up by our desk · Commercial

A 33-story office tower in downtown Dallas’ Arts District may face a foreclosure auction, according to ConnectCRE. The property is 2100 Ross Ave, and the Dallas Business Journal reported the owners may have defaulted on a $79 million loan.

ConnectCRE adds that the building was put into foreclosure because the loan was not paid off by its due date. The tower is owned by Woods Capital and Pacific Elm Properties, and a Dallas County court has appointed Trigild IVL as receiver over the asset.

ConnectCRE also said the tower totals 840,000 square feet and is 53% occupied. It previously had $98 million owed on a 2016 loan from Wells Fargo, and Fitch in June classified the $79 million debt as a nonperforming matured balloon loan after it was not paid in full or refinanced before maturity.

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